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HomeMy WebLinkAbout0601 upply such rents, iseurn und protits received by it oo the indebtednt~ss r~•ured hereby in auch onie~ as Mon~ugee deter- minra The right !o enter und tuke ~wsac~xaion af the Mortguged Property. to muns~ge and operete Ihe sume, and to collec•t the rents, iasue~ and pmti4 thereof, whether by a n~ceiver or otherwise, siwll be cumulative to Any other right or remedy hereunder or aftorded by law, and may be exerrieed concurrenUy therewilh or independently Ihereof. Mortgagee ahall be linble to ac~.~ou~t only for such renta, iesues und ptotila actw~lly received by Mortgagee. 14, If t6e indebtedi~ess aecvred hereby is now or hereutler turther secured by chattel moHgages, security interesea, financing statements, pledgea, contracta ot guaranty, assiBnmente of leusea, or other securitiea, or if the Mortgaqed Pro- ~~erty hereby eacumbered consists o( more than one Ewtrel ot rexl pmperty, Mqttgagee may at its option exhaust any one or more ot said securities and secvrity hereunder, or auch parcela ot the aecurity hereuoder, either coneurrently or inde- pendently, and in such order as it may determine. 15. This 1Nortgage ahull secure not only e:isting indebtedneas, but also such tuture advunces, whether auch udviincea are obligntory or to be made at the option ot Mortgagee, ar otherwise, se are made within twenty (ZO) yea~8 fmm the date hereot, to the same e:tent ns if such tuture ndvaneea were made on the date of the execution of this Mortgage, but such secured indebtednesa shall not exceed at any time the maYimum principal amount ot t plua interest, and any disbursementa mude tor the ~ayment of tases, leviea, or inaurunce, on the MortgAged Property. with intereat on such disbursements. Any auch tuture advances, whether obligutory or to be mnde at the option of the Mortgs~gee. or othe~wise. may be made either prior to or aiter the due dale of the Nole or any other notes secured by this Mortgage. - T6is Mortgage is given for the apecific purpoee ot securing any and all indebteclnesa by the Mortgagor to Mortgagee lbut in no event shall the aecured indebtedness exceed at nny time the ms~ximum principal umount set forth in thia paraBraph) in whatever manner thia indebtednesa may be evidenced or represented, until thia Mortgage is satistied ot record. All coven- nnts and agreementa contained in this Mortgage ahall be appiicuble to all turther advances made by Mortgagee to Mortgagor nnder this tuture advance clauee. 16. No delay by Mortgagee in exercising any right or remedy hereu~der, or othemise at(orded by law, shall operate as a waiver thereof or preclude the e:ercise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any de(ault shall constitute a waiver of or cor?sent to su6sequent detnults. No failure of Mortgagee to exercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee 6etore or a(ter the exerciae of such option and no withdrawal or ab:~ndonme~t of forecloaure proceeding by Mortgagee shall be taken or con- strued us a waiver of ita right to exercise such option or to nccelerale the maturity of the debt hereby secured by reuson o( any past, present or tuture default on the part ot Mortgagor; and, in like manner, the procurement ot insurance or the pay- ment of ta:ea or other liena or charges by Mortgagee shall not be taken or conatrued as a wpiver of its right to an~elerate the maturity ot the debt bereby secured. - 17. Without atfecting the liability of Mortgagor or uny other person (except nny person e:pressly released in writing) for payment of a[ey indebtedness secured hernby or for pertormance of any obligation contained herein, and without uffecl- ing the rights of Morlgagee with respect to any security not e:pressly released in writing, Mortgagee may, at any time nnd fram time to time, either before or after the maturity of said note, and without notice or consenl: (a) Release any person liable for payment ot all or any part of the indebtcdness or (or performance of any.obliqution. (b) Make any agreement e:tending the time or othemise altering the terms ot payment of al~ ot any {iatt ~ot the indebtednesa, or moditying or waiving any obliRation, or subordinating, modi[ying or otherwise dealing with the lien or charge hereof_ (c) EYerciae or retrain from exercising or waive any right MortRagee may ha~•e_ (d) Accept additiona) security ot any kind. (e) Releaee or otherwise deal with any property, real or personal, securing the indebtedneas, including al! or any ~k~rt ot the Mortgaged Properiy. ' 18_ Any agreement 6erea(ter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the ~ rights of the holder oi any intervening lien or encumbrance. E ~ ~ 19. Mortgagor hereby waives all right ot homestead ezemption, if any, in the Mortgaged Property. ~ 20_ In the event of condemnation proceedinge of t6e Mortgaged Property, the awardor tompensation payable there- ~ under is hereby assigned to and ahall be paid to Mortgagee. Mortgagee ahall be under no obligation to question tt~e amount E of any auc6 award or c6mpensation and may accept the same in the amount in which the same shall be paid. In any such ~ condemnation proceedings, Mortgagee may be represented by counsel selected by Morigagee_ The proceeds of any award or compensation ~ received shall, at the option ot Mortgagee, either be applied to the prepayment of the Note and at the rate of interest pro~hded therein, regardiess ot the rate ot intereat payable on the award by the condemning authority, or at ~ the option of Mortgagee, such award shall be paid over to Mortgagor for restoretion ot the Mortgaged Property. ~ 21. It Mortgagee, pursuant to a construction loan agreement or loan commitmenl mride by Mortgagee with Mortgagor, agreea to make construction loan advances up to the principal amount of the Note, then Mortgagor herPby covenants that it will comply with all ot the temos, proviaions and covenants o[ said construction loan agreement or loan commitment, wiU diligently construct the impravements to be built pursuant lo the f,ert»a thereot, all of the terma thereof which are in- corEwrated herein by reterence as though set (orth fully herein and v`ill permit no defaults to occur thereunder and it a de- (ault ahall occur thereunder, it shall constitute a default under thia Mortgage and the Note. ~ 22. At the option ot Mortgagee, Mortgagor shall provide Mortgagee with periodic certi(ied audited statemenla of the ~ ~ (inancial condition ot Mortgagor. 23. Mortgagor represents and warrants that if a corporation, it ia duly organized and validly exiating, in good aland- ~ ing under the laws of lhe. state ot ita incorporation, has stock outstanding which has been duly and validly issued, and is ~ qualified to do businesa and is in good atunding in the State of Florida, with tull power and authority to consummate the - loan contemplated hereby: and, it a partnership, it is duly (ormed and ~~aiidly existing, and is fully qualified to do business in the State of Florida: with (ull {wwer and authority to consummate the loan c~ntemplated hereby. ~ 24. In the event any one or more of the provisions contained in this Mortgage or in the Note ahall tor t~ny reason ~ be held to be inr-alid, illegpl or unenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the option of the Mottgagee, not af(ect any other provisiona of thia Mortgage, but this Mortgage shall be construed as if such ~ invalid, illegal or unenforceable proviaion had ne~er been contained herein or themin. The total interest payable puisuant to the Note or thia MortgnSe s}wll not in any one year e:ceed the higheat lawful rate of interest in the State of Florida. ~ ?5. The covenants and agreementa herein contained shall bind and the benetita and advantagea shalt inure to the msPective heirs, e:ecutors, administrators, succeasors, and assigns ot the parties hereto. Wherever ueed, the singular ~ number shall include the plural, the plurai the singular, and the use ot any gender shall be applicable to all gendera. All covenanta~ agreemente and undertakinga ehall t?e joint and aeveral. In the event additional numbered covenanta or para- ~ graphs are tor convenie~re in~erted in thia 1~9ortgage, such additiona) covenants shall 4e read and gieen etfect as though following t6ia covenant in consecutive order. ~ ~ BOUK PAGf ~t;~ ~ ~ - s ~ - - - _ - _ _ , .